The Carolina Apartments

Explore a stable investment opportunity with Carolina Apartments, a 12-unit property featuring large 1-bed/1-bath units, each with an extra office/den for versatile living. Built with durability in mind, the building offers newer windows, electrical service, plumbing, and a 4-year-old TPO roof. All units are fully occupied by veterans through a voucher program, ensuring reliable income. Every unit has central heat and air and it’s own gas water heater. Finishes are older but functional, offering room for future cosmetic enhancements. Tenants pay gas and electric with separate meters, while the landlord pays water and trash.

Strategically located in a dynamic Kansas City submarket, this property provides easy access to the entire Kansas City Metro. Carolina Apartments delivers immediate cash flow and value-add potential through future updates as the neighborhood changes, ideal for investors seeking reliable returns in a growing area.

Why we love it: Full occupancy with a veteran’s voucher program ensures steady income, sub-metered utilities, and newer roof & windows. Durable and low maintenance brick exterior. Current property manager specializes in voucher tenant management and is very willing to continue management following the sale.

The Challenge: Older unit finishes and street-only parking may limit premium appeal; a few of the leases still have landlord paying utilities but that is being switched over at renewal.

The Value-add Play: Complete utility shift to tenant-paid for expense savings and manage for operation efficiency. Consider purchasing and paving vacant lot next door to create desirable off-street parking.